§1289. Repurchase terms

1.Examination of records.
Within 90 days from receipt of the written request of the dealer, a supplier under
the duty to repurchase inventory pursuant to section 1288 may examine any books or
records of the dealer to verify the eligibility of any item for repurchase. Except
as otherwise provided in this chapter, the supplier shall repurchase from the dealer
all inventory, required signs, specialized repair tools, books, supplies, data processing equipment
and software previously purchased from the supplier and in the possession of the dealer on the date of termination of the dealer agreement.

[
2011, c. 236, §8 (AMD);
2011, c. 236, §18 (AFF)
.]

2.Payment terms.
The supplier shall pay the dealer:

A. One hundred percent of the net cost of all new and undamaged and complete farm, utility, forestry, industrial and construction equipment, implements, machinery, yard and garden equipment and attachments purchased within the past 36 months from the supplier, less a reasonable allowance for deterioration attributable to weather conditions
at the dealer's location; [2011, c. 236, §8 (AMD); 2011, c. 236, §18 (AFF).]

E. The fair market value of, or assume the lease responsibilities for, any specific data
processing equipment and software that the supplier required the dealer to purchase
to satisfy the reasonable requirements of the dealer agreement, including computer
systems equipment required or approved by the supplier to communicate with the supplier; [2011, c. 236, §8 (NEW); 2011, c. 236, §18 (AFF).]

F. Seventy-five percent of the net cost of specialized repair tools, signs, books and
supplies previously purchased, pursuant to requirements of the supplier and held by
the dealer on the date of termination. Only specialized repair tools that are unique
to the supplier product line, complete and in usable condition are required to be
repurchased under this paragraph; and [2011, c. 236, §8 (NEW); 2011, c. 236, §18 (AFF).]

3.Return costs.
The party that initiates the termination of the dealer agreement shall pay the cost
of the return, handling, packing and loading of the inventory.

[
1995, c. 462, Pt. A, §22 (NEW);
1995, c. 462, Pt. A, §23 (AFF)
.]

4.Payment date.
Payment to the dealer required under this section must be made by the supplier not
later than 45 days after receipt of the inventory by the supplier. The supplier shall pay to the dealer a penalty of 1 1/2% per day on any outstanding
balance over the 45 days. The supplier is entitled to apply any payment required under this section to be
made to the dealer as a setoff against any amount owed by the dealer to the supplier.